Financial ID Briefing: Naked Payments For Kentucky Fried Chicken

The Financial ID Briefing brings you top highlights from the world of biometrics, mobile ID, and finance. It is powered by FindBiometrics and Money20/20.

Biometrics Help The Virtual Bank Teller See You, Hear You

Financial ID Briefing: Naked Payments For Kentucky Fried Chicken

FinovateFall 2017 starts today at the New York Hilton, where attendees can have a glimpse into the automated future of finance powered by AI and biometrics. Sensory, Inc. is in attendance demonstrating a virtual bank teller solution that can see you, hear you, understand you, and take your banking requests.

The virtual bank teller represents the natural overlap between Sensory’s various artificial intelligence and biometric technologies. An AI avatar represents the customer touchpoint, allowing for an intuitive experience facilitated by dynamic mouth movements. Underneath the friendly facade, Sesnsory’s flagship speech, voice, and facial recognition technologies are at work. TrulyHandsfree allows the teller to recognize and respond to voice commands, smoothed over by TrulyNatural software that enables it to understand conversational speech. TrulySecure, meanwhile, leverages face and voice authentication technologies to verify the identity of the user.

All in all, the virtual teller system represents the convenient, contactless, secure, and automated financial future at the intersection of multimodal biometrics and AI-powered innovation.

Naked Payments For Kentucky Fried Chicken

Yum China’s new restaurant concept, KPRO by KFC in Hangzhou (PRNewsfoto/Yum China Holdings, Inc)

Facial recognition is taking off in China. Novel applications of the technology are facilitating convenient air travel, protecting against toilet paper theft, and making it easy to buy food at Kentucky Fried Chicken. AliPay’s Smile to Pay naked payments system has been deployed at an upscale KFC restaurant in Hangzhou, China.

Customers can place orders at kiosks shaped like giant smartphones, and pay with nothing but facial recognition biometrics. As a naked payments system, Smile to Pay allows KPRO customers to complete retail transactions without a wallet or smartphone—all you need is your identity.

While facial recognition itself is gaining popularity in China, the concept of naked payments is emerging around the world as an alternative to mobile wallets. Perhaps the most high profile system is set to launch in 2020 at the Tokyo Olympics, during which visiting tourists can expect to pay for goods and services with nothing but a fingerprint.

KYC in P2P

Financial ID Briefing: Naked Payments For Kentucky Fried ChickenThe next big wave in mobile wallets is shaping up to be Venmo-style P2P payment capabilities. As users begin to acclimatize to the paradigm of their smartphone as a personal financial device, vendors seem keen to make mobile commerce more intuitive and cash-like. But unlike basic Apple Pay, Samsung Pay, or Android Pay retail transactions, P2P payments require a bit more identity assurance, and that’s where biometrics are coming in handy.

Facial recognition and document capture software is enabling ID verification on Plynk, a new European P2P money transfer app. The capabilities come via Jumio’s Netverify platform, which in addition to the aforementioned document and face recognition also boast liveness detection through a new eye-tracking feature.

On a wider industry scale, even Apple looks to be moving in the face biometrics-enabled P2P money transfer direction. While not yet fully confirmed, lines of code discovered in the iOS 11 beta name the feature as Apple Pay Cash and suggest that funds can only be sent to friends with valid document and ID confirmation through the app itself.

September 11, 2017 – by Peter B. Counter